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Crypto

Bitmine Buys $14.6M Worth of ETH Amid Market Pullback

Guavy AI Editorial Team
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Tom Lee's investment vehicle, Bitmine, continued to add to its Ethereum holdings despite recent price weakness. The company acquired 7,500 ETH worth approximately $14.61 million through digital asset custodian BitGo in a single on-chain transaction.

The purchase occurred during a broad market pullback that pushed ETH down 4.3% over the past 24 hours. Ethereum fell below the $1,900 level and was trading at $1,882 at the time of writing.

Bitmine's continued accumulation of Ethereum suggests confidence in the cryptocurrency's potential for growth. However, no official statement has been made by the company regarding its investment strategy or expectations.

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